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Monday, November 9, 2026

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@ACapitalLP

A Capital on X

Still think the PSPs, particularly $CIFR / $CORZ, offer incredible asymmetry. A value investor’s dream: perception ≠ reality. The market is treating neocloud credit concerns like the underlying land and power have suddenly disappeared. $CIFR trades at a discount to its contracted business, with effectively nothing assigned to its multi GW pipeline. Even the Byrd Man still has a $27.50 PT after taking a machete to his assumptions. Regulatory risk is real, but are we pricing in an actual moratorium or just scary headlines…
@StableBread

Fajasy on X

QXO's $QXO roofing prices went from 1.1% below a year earlier in April to 4.1% above in September, per the November 9 call. Roofing and waterproofing, the business $QXO has owned longest, also grew its gross margin y/y in Q3, and its October daily sales rose 9.1% y/y, vs. 5.4% for all of $QXO. CEO Brad Jacobs said September "came in much stronger than expected." In my earlier post, I estimated that everything but TopBuild, the insulation business $QXO bought on July 1, made ~$272M of Q3 adjusted EBITDA, the same as in Q2. A higher roofing gross margin and flat adjusted EBITDA can both be right if $QXO's spending on people and technology grew faster than its gross profit, which the full Q3 report on November 12 should show. Jacobs also kept the $4B 2030 adjusted EBITDA target, but now measures it from "about $1.75 billion today," down from the "almost $2 billion" of 2025 combined EBITDA in $QXO's July investor Q&A. He said the ~$1.75B reflects current consensus estimates, so with the target unchanged, EBITDA now has to grow ~2.3x instead of ~2x. Jacobs told Tyler Grason of Patient Capital, who asked how he'd balance QXO with his new venture, CKX, that he works "pretty much seven days a week" and owns "about a quarter of the company." $QXO also said it has no debt maturities before 2031, over $2B of liquidity, and nearly two-thirds of its debt at fixed rates. So I read the call as the roofing business finally turning, but from a lower starting point than $QXO used in July. What I'd want to see in the full Q3 report on November 12: 1) Roofing: Its adjusted EBITDA vs. Q3 2025, if $QXO breaks it out, to see whether the gross margin gain carried through. 2) Costs: Whether operating expenses grew faster than gross profit across $QXO.

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Seed Corn

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DoorDash and Google.

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Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 4 clicks
VEEV · long

Veeva Systems INC

Veeva Systems is a vertical software company valued as if its best growth years are behind it.

VEEV $49B
Value Investors Club

Research Roundup Vol. LIII

Micron’s customer agreements, Analog Devices’ acquisitions, Ondas’ GATE deal and Baker Hughes’ power systems position them for AI…

MU $743BADI $190B
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